Health Insurance: We may have to face health-related problems at any stage of our life. So it makes sense to buy a health insurance policy at an early age.
Health Insurance: Young people often refuse to buy health insurance thinking that their chances of falling ill are very less and hence there is no point in wasting money on paying premiums. It is impossible to predict when we will have to face a health emergency. Whether we are young or old, we may have to face health-related problems at any stage of our life. It is advisable to buy a good health insurance policy at the right time so that money is not a problem in these emergency situations.
What is the opinion of experts
Not only can you avail tax benefits in health insurance, but it also helps in financial planning. Anuradha Shriram, Chief Insurance Officer, Aditya Birla Health Insurance says, “Health insurance has become an integral part of financial planning. Especially for the younger generation. More than 50 percent of India’s current population is below 25 years and over 65 percent is below 35 years of age. In today’s time, youth are getting lifestyle diseases due to unbalanced diet and irregular sleep. Moreover, working long hours is not only taking a toll on their mental health but also their physical health.” Let us know what are the benefits of buying health insurance at a young age, according to experts.
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low premium at a young age
It is advised that one should start saving and investing as early as possible. The same thing is said for health insurance. You should invest in health insurance early as the chances of getting ill at a young age are less and hence the premium is to be paid.
Health insurance protects you from financial uncertainties
Health insurance protects the insured from financial uncertainties arising out of a medical emergency. Although the chances of a medical emergency arising at a young age are less, you still need to be prepared for it. In the pandemic, we have seen what kind of problems common people have to face in case of medical emergency.
Long term cover
Age criteria need to be followed while buying a health insurance plan. Buying health insurance at a young age provides cover for a longer period as compared to those who buy health insurance at the age of 40-50 years. Apart from this, if you are older or your health condition is poor due to age, then your health insurance application can be rejected by the insurer.
Financial stability comes in life
One of the major advantages of buying a health insurance plan at an early age is that it brings financial stability to the life of the life insured. By paying a small amount of premium, one can save himself/herself from the expenses due to medical emergency.
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no claim bonus
By purchasing a health insurance policy at an early age, you can avail of a higher no claim bonus. The most important thing about the No Claim Bonus feature is that it keeps on adding up every year i.e. it increases every claim-free year. Under this, the insurance companies can get a discount in the policy premium from the bonuses that they give. Apart from this, insurance companies offer products related to gym, spa and yoga subscriptions or wellness under this to increase insurance coverage without any change in policy premium.
The premium amount in a health insurance policy is tax deductible under section 80D of the Income Tax Act. Hence you can claim additional tax saving benefit.
To protect the policyholders from health related expenses, insurers have introduced several additional benefits associated with health insurance policies which are commonly known as health riders. With the help of health riders, you can customize your existing policy to suit your needs at very low cost.